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Rates Update: TSB leads in one-year term

It was a relatively quiet week on the deposit rate front but one that still saw TSB emerging as the market leader for the first time in many months.

Monday, December 13th 2010, 11:00AM

by Sophia Rodrigues

TSB lifted its one-year deposit rate by 10 basis points and its offer of 5.35% for a minimum deposit of $10,000 is the best offered by a bank in New Zealand. Kiwibank is at 5.30% and ASB is also offering 5.30% for this term.

Nelson Building Society also raised its one-year rate by five basis points to now offer 5.50% but a leader in that segment remains Southern Cross Building Society which is offering 5.70% on non-guaranteed deposits. The difference between the two is Southern Cross's rating which is lower at BB compared with Nelson's BB+ rating.

Among finance companies, General Finance made a big move in the one-year term, increasing the rate by 175 basis points to now offer 6.75%. However, given General Finance is not rated, it will be difficult for the company to attract investors when Fisher & Paykel, a BB rated company, is offering the same rate of 6.75% on its non-guaranteed debentures. There is also NZF Money, a B rated company which is offering an attractive 8.60% rate on deposits below $10,000 and 8.85% on over $10,000 deposits.

And while we call TSB Bank a leader in the one-year term, we notice that Kiwibank continues to market its 5.50% rate on one-year term deposits via its BookaRate specials. Its 5.35% on six-month term is also 15 basis points higher than its regular six-month deposit rate. Rabobank currently has no specials under BankaRate.

« Rates Update: Equitable puts focus back on NBDTsRates Update: Banks tweak short term rates »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 ▲4.05 4.49
ANZ Special - 3.55 ▲3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - 3.49 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank ▼5.20 ▲4.20 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▲3.45 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.39 3.45 3.89
Sovereign 5.30 ▼3.89 ▼4.05 ▼4.39
Sovereign Special - ▼3.39 ▼3.55 ▼3.89
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.45 3.99
Median 5.34 3.99 4.07 4.39

Last updated: 9 December 2019 9:02am

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